Armory Group — M&A Advisory Profile

01Advisory Approach

Sweet Spot

Private companies and family businesses in $5M-$500M enterprise value range seeking sell-side M&A advisory, capital raising, or special situations support. Particularly strong with founder transitions, complex structures, and situations requiring creative solutions.

Not A Fit If

Institutional/public company work, pure advisory without transaction closing, high-touch service for sub-$5M businesses, or long-duration strategic planning engagements without transaction focus.

Relationship-driven advisory vs. transaction factory; problem-solving approach for complex structures; partner-level decision authority; sector-specialized bankers; consistent award recognition (M&A Deal of the Year 8 of 9 years); institutional capability at boutique scale.

02Process & Fees

Client-focused process with dedicated partner engagement from origination through close. Combination of rigorous buyer targeting, professional process management, and creative structuring. Partner-level decision authority with no lengthy approval chains.

Fee Structure

Armory Securities Research

Advisory Approach

Armory Securities is a leading middle market investment bank with a differentiated thesis: client-focused, problem-solving advisory across the full spectrum of middle market financial challenges. Founded in 2014 by Eben Perison and Nick Tell Jr., former leaders at Oppenheimer, Fortress, and U.S. Bancorp Libra, the firm brings deep expertise in mergers and acquisitions, capital raising, financial restructurings, and special situations advisory. Armory's positioning is explicitly middle market-focused—avoiding the institutional focus of bulge bracket firms while maintaining institutional-quality processes and breadth of capital market relationships.

The firm believes that middle market companies deserve banking partners who truly understand the business, not commoditized transaction processors. This drives Armory's investment in relationship-based advisory, deep industry expertise, and creative structuring when standard solutions don't fit. The firm has proven this thesis through consistent recognition: M&A Deal of the Year awards in 8 of the last 9 years from the prestigious M&A Advisor Awards, demonstrating sustained excellence in transaction execution.

Track Record & Deal Activity

Since 2008, Armory has closed over $20 billion in transactions—a substantial base that reflects the firm's consistent activity across multiple market cycles. More importantly, Armory continues to close significant transactions regularly, as evidenced by recent deals in 2025-2026:

Sale of Clutch Coffee Bar to Dutch Bros (NYSE: BROS) - January 2026
Sale of Pequity (compensation management software) to ADP - December 2025
$130M sale of Everde Growers via Chapter 11 §363 process - June 2025
Sale of Premium Oilfield Services to Archer Limited (Norway-based) - November 2025
$20M sale of Premium Oilfield Services to Archer Limited
Acquisition of Ostrom Mushroom Farms assets by Windmill Farms
Recapitalization of Human Active Technology (dba HAT) - June 2025
Refinancing and restructuring support across industrial, agricultural, and consumer services
Multiple capital raises including $115M financing for FreightCar America, $100M+ for PURIS Proteins, $325M for Vivos Holdings
Successful bankruptcies including Millenkamp Cattle Co. Chapter 11 confirmation and Everde Growers §363 sale

This recent activity reflects Armory's active origination pipeline, consistent deal flow, and willingness to take on complex situations that require special situations expertise.

Industry Expertise

Armory maintains active practices across 12 distinct industry verticals, built on transaction experience rather than theoretical focus:

Manufacturing & Industrial: Precision manufacturing, industrial services, engineering services, contract manufacturing.

Business Services: Staffing, facilities management, business process outsourcing, professional services.

Consumer & Retail: Consumer products, retail platforms, food & beverage retail, specialty retail.

Healthcare & Life Sciences: Healthcare services, physician practices, behavioral health, dental and veterinary practices.

Technology: Software (SaaS and vertical), IT services, hardware, digital media, tech-enabled services.

Aerospace & Defense: A&D suppliers, government contractors, defense services.

Food, Beverage & Agriculture: Food processing, specialty beverage, agricultural services, agri-business.

Energy & Resources: Oil & gas services, utilities, environmental services, renewable energy.

Real Estate & Construction: Commercial real estate, construction services, facilities management, property services.

Transportation & Logistics: Fleet operations, logistics services, specialized transportation.

Media & Telecommunications: Broadcasting, content, digital media, communications.

Gaming, Hospitality & Leisure: Hospitality operations, gaming services, leisure venues.

Process & Capabilities

Armory operates across the full spectrum of middle market investment banking:

Mergers & Acquisitions: Both buy-side and sell-side engagements, including strategic sales, leveraged buyouts, dividend recapitalizations, and fairness opinions. The firm combines rigorous process discipline (buyer targeting, process management, negotiation strategy) with creative structuring for complex situations.

Capital Raising: Debt placement (senior secured, subordinated, structured finance), equity capital raises, mezzanine financing, and vendor financing solutions.

Special Situations & Restructuring: Bankruptcy advisory (Chapter 11 planning, §363 sales), out-of-court restructurings, distressed M&A, creditor advisory, and board committee work.

Financial Advisory: Fairness opinions, valuations, business plan analysis, transaction support, and interim management services.

Buyer Network

Through $20B+ in transaction experience, Armory has built deep relationships with:

Private Equity Firms: Strong track record closing transactions with regional and lower middle market PE firms across multiple verticals.

Strategic Acquirers: Relationships spanning Fortune 500 industrials, category leaders, and strategic consolidators in each vertical.

Financial Sponsors: Relationships with family offices, lending institutions, and alternative capital providers for both acquisition and refinancing financing.

International Buyers: Demonstrated capability with cross-border transactions (e.g., Premium Oilfield Services to Archer Limited, Norway).

Team & Organization

Armory's team of approximately 40+ professionals is organized across 5 offices (El Segundo HQ, New York, Boston, Dallas, Chicago). Leadership includes:

Eben Perison: President, co-founder, 25+ years M&A experience; prior roles at Oppenheimer, Fortress, Seaport Group, U.S. Bancorp Libra
Nick Tell Jr.: CEO, co-founder, deep middle market relationships and investor network
Managing Directors: 15+ MDs with sector specialization and individual closing authority
Supporting professionals: Directors, Principals, VPs, and Analysts with dedicated account management and technical execution

Team size and structure allows for personalized client attention (no junior bankers delivering results) while maintaining institutional capability.

Competitive Differentiation

Relationship-driven: Not transaction factory; partners stay engaged from origination through close
Problem-solving mindset: Willingness to take on special situations, bankruptcies, and complex structures
Speed & decisiveness: Decision-making authority at partner level; no lengthy approval chains
Sector expertise: Deep experience in 12+ distinct verticals with banker specialization
Capital markets relationships: Direct access to PE, strategics, and lenders for capital sources
Consistent track record: $20B+ closed, M&A Deal of the Year 8 of 9 years

Geographic Reach

Primary focus: US-based transactions, with offices providing East Coast (Boston, New York), Midwest (Chicago, Dallas), and West Coast (Los Angeles) coverage. International transaction capability demonstrated through cross-border deals.

FINRA Registration

Armory Securities, LLC is a FINRA-registered broker-dealer (CRD# 147796, Member SIPC) providing institutional credibility and regulatory infrastructure for capital markets activities.